HappyBet, a sports betting firm operating mainly in Germany and Austria, was successfully integrated into Snaitech, the Italian business arm of gambling technology supplier Playtech.
Consolidate and Expand Regional Presence
The addition of the sports betting operator, which has around 200 points of sale in Germany and Austria combined and annual revenues in the region of €19 million, will further boost Snaitech’s regional footprint, company CEO Fabio Schiavolin noted.
“The integration of Happybet, one of the first companies to receive a national sports betting license in Germany, and which will continue to operate under its own brand, has accumulated enormous skills and achieved a solid market position.”Fabio Schiavolin, CEO, Snaitech
The integration with Snaitech will give HappyBet access to more resources and technology infrastructure, as well as industry experience in business development, Schiavolin continued, outlining how competitive retail and online betting markets in Italy are and the experience gained by Snaitech so far that it will “bring to the table”.
Following the integration of HappyBet, Snaitech is consolidating its position in the online gaming market and is expanding its presence by acquiring market share in two major European jurisdictions such as Germany and Austria.
“Now we want to capitalise on this experience. The integration of our expertise and our know-how with those of Happybet will put us in the ideal condition to seize new growth opportunities.”Fabio Schiavolin, CEO, Snaitech
Markets with Potential to Grow
Germany and Austria accounted for over €10 billion of sports wagers in 2019, Snaitech revealed in a press release, but both markets are still quite fragmented, comprising of a few large operators and many small ones, and offer strong potential for that figure to continue to grow.
Michael Lessig, managing director at HappyBet Germany, expressed his confidence the integration with Snaitech would further improve the company’s prospects for growth as both parties “share the enthusiasm and desire to establish” as a top gaming provider, holding a license under the upcoming federal regulation in Germany. HappyBet, which was founded in 2017, was one of the first operators to gain a sports betting license in the country under the new federal regime.
Snaitech’s 2,100 betting shops in Italy accounted for €522.7 million of revenue in 2020, as the B2C business was adversely impacted by the coronavirus-related property shutdowns for most of the year, partially offset by the 58% revenue growth in the online sports betting and gaming verticals.